Money and Currency

Currency

The US dollar is by far the most recognized foreign currency in the Philippines. Travelers' checks and well-known international credit cards are widely accepted in the cities, and there are VISA ATMs available in the major cities. You are not permitted to take more than PHP 500 out of the country.

The unit of currency in the Philippines is the Peso. Notes are issued by the Central Bank in denominations of P5, P10, P20, P50, P100, P500 and P1,000. Most foreign currencies can be exchanged at banks, hotels and authorized foreign exchange dealers. However, the use of the Philippine pesos for payments is preferred all throughout the country.

Exchanging Money

For the most favorable rates, change money through banks. You won't do as well at exchange booths in airports or rail and bus stations, in hotels, in restaurants, or in stores, although you may find their hours more convenient. To avoid lines at airport exchange booths, get a bit of local currency before you leave home.

Taxes
The international airport departure tax is P550, while domestic airports charge, on the average, P50. Hotels add a 10% service charge (as do most restaurants) and a government tax of 13.7%. In addition to a 4% sales tax, a value added tax (VAT) of 10% is charged by all businesses.